Day after day we get continued evidence of a major policy mistake that is costly for the average investor with a retirement account. The Bush Administration, led by Hank Paulson, stepped in when faced with a crisis.  It was courageous and correct, even if the plan was a bit sketchy. When they finally got Congressional approval it included both additional powers and additional oversight.  Paulson used the additional powers to make direct investments in financial firms, something that many top economists and fund managers thought was a good idea.  This move took the "bulls eye" off of some of the top firms.  It was a good step for an immediate crisis. The Mistake It was at this point that Paulson's effort went off the rails.  We have listened and read everything on this topic.  From our perspective, as experienced observers of government, we think that Paulson ...